California Proposition 57 (2004)

California Proposition 57 (2004)

Proposition 57 was a proposition in the state of California on the March 2, 2004 ballot. It passed with 4,056,313 (63.4%) votes in favor and 2,348,910 (36.6%) against. It was officially called "The Economic Recovery Bond Act". The proposition authorized the state to sell $15,000,000,000 in long-term bonds to pay off accumulated deficits. Proposition 57 would only have gone into effect if Proposition 58 (the "California Balanced Budget Act") also passed, which it ultimately did.

Propositions 57 and 58 were the centerpiece of Gov. Arnold Schwarzenegger's plan to resolve California's budget problems. Schwarzenegger campaigned heavily for the propositions' passage. Schwarzenegger's rival in the 2003 California recall, state senator Tom McClintock, was one of the chief opponents to Prop. 57.

See also: List of California ballot propositions 2000-present

Official summary

* A one time Economic Recovery Bond of up to fifteen billion dollars ($15,000,000,000) to pay off the state's accumulated General Fund deficit as of June 30, 2004.
* The Economic Recovery Bond will only be issued if the California Balanced Budget Act is also approved by the voters.
* The bonds will be secured by existing tax revenues and by other revenues that could be deposited in a special fund.

Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact:

* One-time increase, compared to a previously authorized bond, of up to $4 billion to reduce the state's budget shortfall.
* Annual debt-service savings over the next few years.
* Above effects offset in subsequent years by higher annual debt-service costs due to this bond's larger size and the longer time period for its repayment.

External links

* [http://primary2004.ss.ca.gov/propositions/prop57-title.html Voter Information Guide with text of Proposition 57]


Wikimedia Foundation. 2010.

Игры ⚽ Поможем написать реферат

Look at other dictionaries:

  • California Proposition 1A (2004) — Proposition 1A was a proposition in the state of California on the November 2, 2004 ballot. The proposition successfully passed with 9,411,198 (83.7%) votes in favor and 1,840,002 (16.3%) against.The proposition is intended to protect revenues… …   Wikipedia

  • California Proposition 64 (2004) — Proposition 64 was a proposition in the state of California on the November 2, 2004 ballot. It passed with 6,571,694 (59.0%) votes in favor and 4,578,725 (41.0%) against. It was an initiative statute that limits California s Unfair Competition… …   Wikipedia

  • California Proposition 69 (2004) — California Proposition 69 was a successful 2004 California ballot proposition that allows for the collection of DNA samples from all felons and from people who have been arrested for certain crimes.… …   Wikipedia

  • California Proposition 56 (2004) — Proposition 56 was a proposition in the U.S. state of California on the March 2, 2004 ballot. It failed to pass with 2,185,868 (34.3%) votes in favor and 4,183,188 (65.7%) against. It was intended to penalize politicians for every day that the… …   Wikipedia

  • California Proposition 60A (2004) — Proposition 60A was a proposition in the state of California on the November 2, 2004 ballot. It passed with 7,776,374 (73.3%) votes in favor and 2,843,435 (26.7%) against. It was a legislative constitutional amendment intended to direct funds… …   Wikipedia

  • California Proposition 60 (2004) — Proposition 60 was a proposition in the state of California on the November 2, 2004 ballot. It passed with 7,227,433 (67.6%) votes in favor and 3,478,774 (32.4%) against. It was a legislative constitutional amendment intended to codify in the… …   Wikipedia

  • California Proposition 65 (2004) — Proposition 65 was a proposition in the state of California on the November 2, 2004 ballot. It failed to pass with 3,901,748 (37.6%) votes in favor and 6,471,506 (62.4%) against. It was a state constitutional amendment that would have required… …   Wikipedia

  • California Proposition 58 (2004) — Proposition 58 was a proposition in the state of California on the March 2, 2004 ballot. It passed with 4,535,084 (71.2%) votes in favor and 1,841,138 (28.8%) against. It was officially called The California Balanced Budget Act . It forces state… …   Wikipedia

  • California Proposition 62 (2004) — Proposition 62 was a proposition in the state of California on the November 2, 2004 ballot. It failed to pass with 5,119,155 (46.1%) votes in favor and 5,968,770 (53.9%) against.It was an initiative constitutional amendment and statute that… …   Wikipedia

  • California Proposition 63 (2004) — Proposition 63 was a proposition in the state of California on the November 2, 2004 ballot. The ballot measure was officially known as the Mental Health Services Act . It passed with 6,191,691 (53.8%) votes in favor and 5,337,216 (46.2%) against …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”